Greetings and welcome to the Tiptree Financial Third Quarter 2015 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I will now turn the conference over to Ms. Sandra Bell, Chief Financial Officer of Tiptree Financial. Thank you. You may begin.

Good morning, everyone. Welcome to Tiptree Financial’s third quarter 2015 earnings call. My name is Sandra Bell, and I’m Tiptree Financial’s Chief Financial Officer. With me today are Michael Barnes, Tiptree Financial’s Executive Chairman; and Jonathan Ilany, our Chief Executive Officer. Before I turn the call over to Michael, let me remind everyone that in addition to our earnings announcement, which was released prior to this call, we have posted a presentation on our website at www.tiptreefinancial.com to provide supplemental information to our prepared remarks, which we will refer to by page during the call. References on today’s call to Tiptree or the company mean Tiptree Operating Company, LLC, the entity through which we conduct our operations and its consolidated subsidiaries, together with the standalone net assets held by Tiptree Financial Inc. References to Tiptree Financial mean Tiptree Financial Inc and exclude the non-controlling interests of Tiptree Operating Company. Unless otherwise noted discussion of our financial results will be presented at the Tiptree Operating Company level. Let me pause for a moment for you to locate and open the presentation. Now that you have the presentation in front of you, please turn to Page 1 of the presentation, where I will walk you through the disclaimer. Please read these disclosures in detail as my remarks will simply highlight their contents. This presentation is qualified in its entirety by the contents of the disclaimers on this page. This presentation is being provided as a supplement to our financial statements footnote and other disclosures filed with the SEC and is not an offer to purchase or sell securities. It is being provided solely for informational purposes and is not intended to change or update our disclosure document. Throughout the presentation and in our 10-Q filings, there are various forward-looking statements, which provide…

Thank you, Sandra. Before I dive into my prepared remarks, let me just note that as of November 10, Geoffrey Kauffman resigned his Co-CEO and Director of the company to pursue other opportunity. Jonathan Ilany has become the company’s sole Chief Executive Officer. Now, let me take a minute to highlight what we expect to cover on today’s call. First, I will summarize the key highlights of the quarter, then I’ll turn it over to Sandra, who will discuss our consolidated results and the results of each segments in more detail, including an overview of key business drivers and the industry and market factors that have impacted our performance year-to-date, which we expect to impact our results throughout the fourth quarter and into 2016. Finally, we’ll open the line to address any questions you may have. With that introduction, please turn to Page 3 of the presentation, where we outlined the key highlights of the quarter by segment. For 2015, we continue to benefit from our December acquisition of Fortegra. Growing demand for non-bank consumer finance and auto warranty and insurance products supported strong results for Fortegra with pre-tax income of $10.1 million for the quarter and $20.4 million year-to-date. Continued growth in the contribution of specialty products helped close the gap from continued competitive pressure in cellphone warranty products. At our Specialty Finance segment, as we mentioned last quarter, on July 1, we completed the acquisition of Reliance First Capital, a retail mortgage originator operating in 32 states. Along with Luxury, Reliance makes up our mortgage business component of our lending businesses. Home affordability and an improving economy have driven industry-wide year-over-year increases in mortgage origination, as seen in the increase in funded volume and improvements in mortgage margin. Also in Specialty Finance, Siena, our asset based lending business…

Thank you, Michael. We begin on Page 5, where we highlight our GAAP results along with adjusted EBITDA. For the quarter, we reported a GAAP net loss of $6.4 million for the operating company and $4.6 million for Tiptree Financial. Adjusted EBITDA at the operating company level for the same period was $4.9 million. Year-to-date at the operating company, GAAP net income was $11.4 million, which includes $23.3 million related to PFG, which is included in discontinued operations for the first-half of 2015. Year-to-date, the total adjusted EBITDA for the company was $49.9 million. Results from continuing operations for both the quarter and year-to-date were primarily driven by improving profitability, due to the inclusion of Fortegra, growth in specialty finance volumes and margins, increased rental revenue at Care from both the growth in our portfolio and improving results at our existing properties, partially offset by higher depreciation and amortization driven by the investments in real estate and the impact of purchase accounting at Fortegra, realized marks on the sale of our CLO subordinated note in Q2 net of tax benefits received, the one-time gain at Care in 2014 that did not occur again in 2015, unrealized fair value marks as the credit markets pricing higher expected default rate, and higher corporate expenses associated with our effort to improve our controls over financial reporting. Moving to the next page, we highlight our segment’s contributions to our nine months total revenue, which grew more than three times from $108 million in the nine months of 2014 to $355 million in the nine months of 2015. This total does not align directly with the revenue on the face of our income statement, because in order to allow for better comparisons, the slide includes the proportion of revenues attributable to PFG in both periods,…

At this time, we’ll be conducting a question-and-answer session. [Operator Instructions] And our first question comes from the line of John Sites from Wexford Capital. Please proceed with your question.

Hi, good morning, everyone. Good report. Sandra, two questions. Are you still producing a non-GAAP economic book value calculation?

No, we’re not.

Okay. Second question is the higher corporate expenses associated with the efforts to improve controls in financial reporting, are those expenses expected to moderate over time, or are they going to maybe essentially at the same level going forward?

A good part of that number is related to audit fees and SOX expenses. We’re in the first year of our 404(b) SOX compliance, and because of that, we have a higher level this year, it will begin to moderate over time, probably begin to see that in about the third year.

Thank you.

[Operator Instructions] Okay, management, it appears there is no further questions at this time. Would you like to make any closing remarks?

No. Thank you.

And this concludes today’s conference. Thank you for participation. You may disconnect your lines at this time.